Avesthagen to raise resources

Launches breakfast and snack range; to focus on enhancing energy levels, nutrition

Avesthagen, Bangalore-based integrated biotech company, is to raise substantial sums for expansion of its facilities, and development and commercialisation of products.

"The company is till now undecided on the amount to be raised and is to shortly take a decision to appoint an investment banker to work out modalities," said Koen Wentink, chief of logistics at Avesthagen.

The biotech company last year raised $3 million (Rs 15 crore), with Godrej as one of the investors, to increase head count and strengthen research process outsourcing (RPO). Additionally, Avesthagen, through its food for medicine programme, has been working on isolating and validating plant-based bioactives against degenerative conditions.

After acquiring film actress Waheeda Rehman's Good Earth Foods to form Avesta Good Earth Foods, it has come out with a range of cereals and nutritious crackers and launched cardamom flavoured muesli and chocolate flavoured muesli. Cardamom flavoured muesli is the pairing of cardamom with cereal for breakfast and snacks, while chocolate flavoured muesli is aimed at chocolate lovers.

"The new products are expected to bolster growth for the range and increase market share," said Wentink. These breakfast and snack range are targetted at consumers who do not have time but have money and willing to pay a premium for healthy foods, said Dhruvdev Vyas, senior manager R&D at Avesta Good Earth Foods.

The company plans to position these products at 10 metros and mini-metros initially before taking them pan-India. In a limited way, the products have been exported to the Gulf and Southeast Asian countries.

Said Dhruv Dayal, senior business development associate, Avesta Good Earth Foods, "Within the next few months, Avesta Good Earth Foods will be launching a range of products in the Indian market which will focus on enhancing energy levels as well as nutrition."

The new products will supplement Avesta's existing health food range and provide the added convenience of mobility to health-conscious consumers who like to snack, he added.

As a part of company's overall strategy, Avesta Good Earth Foods is working on first generation functional foods consisting of scientifically validated nutritional bioactives that are effective in addressing health-related problems, said Wentink.